Vicinity Centres halt plans to sell malls

Vicinity Centres (ASX:VCX) today announced its results for the 12 months to 30 June 2019, showing a net profit after tax of $346.1 million for the year, a drop from the previous year’s $1.2 billion profit.

Wholesale fund Vicinity Keppel Australia Retail Fund (VKF) and further divestments will not proceed.

The company has 66 retail assets under management, with a combined value of $26.6 billion, which generated $17.4 billion in annual sales.

Funds from operations are at $689.3 million, or 18.0 cents per security reflecting 2.0 per cent comparable growth.

Shares in Vicinity Centres (ASX:VCX) are trading 1.58 per cent lower at $2.49.

Copyright 2019 – Finance News Network

Source: Finance News Network